Spanish (IBEX) Market Analysis & Valuation

Market Valuation and Performance

Has the Spanish Market valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 03 Jun 2026	€1.1t	€593.7b	€64.7b	16.4x	17.6x	1.9x
Fri, 01 May 2026	€1.1t	€590.1b	€63.4b	16.6x	17.7x	1.9x
Sun, 29 Mar 2026	€1.1t	€589.4b	€63.0b	16.3x	16.8x	1.8x
Tue, 24 Feb 2026	€1.1t	€590.8b	€67.8b	16.8x	16.9x	1.9x
Thu, 22 Jan 2026	€1.1t	€593.8b	€65.4b	16.7x	16.7x	1.8x
Sat, 20 Dec 2025	€1.1t	€598.7b	€66.1b	16.7x	16.4x	1.8x
Mon, 17 Nov 2025	€1.0t	€597.9b	€65.8b	17.1x	15.8x	1.7x
Wed, 15 Oct 2025	€996.1b	€593.1b	€65.7b	17.7x	15.2x	1.7x
Fri, 12 Sep 2025	€982.5b	€593.0b	€65.8b	18.5x	14.9x	1.7x
Sun, 10 Aug 2025	€952.6b	€592.8b	€65.7b	18.5x	14.5x	1.6x
Tue, 08 Jul 2025	€910.5b	€588.9b	€64.7b	18.6x	14.1x	1.5x
Thu, 05 Jun 2025	€920.0b	€589.1b	€64.7b	19.3x	14.2x	1.6x
Sat, 03 May 2025	€885.1b	€583.8b	€63.2b	18.8x	14x	1.5x
Mon, 31 Mar 2025	€874.6b	€581.2b	€62.8b	18.8x	13.9x	1.5x
Wed, 26 Feb 2025	€866.3b	€576.0b	€58.5b	19.5x	14.8x	1.5x
Fri, 24 Jan 2025	€795.4b	€573.7b	€57.4b	18.9x	13.9x	1.4x
Sun, 22 Dec 2024	€771.3b	€573.6b	€57.2b	19x	13.5x	1.3x
Tue, 19 Nov 2024	€788.4b	€576.3b	€58.4b	19.3x	13.5x	1.4x
Thu, 17 Oct 2024	€814.6b	€571.8b	€56.0b	19x	14.5x	1.4x
Sat, 14 Sep 2024	€784.3b	€571.7b	€56.0b	19.5x	14x	1.4x
Mon, 12 Aug 2024	€728.8b	€570.8b	€56.0b	18.9x	13x	1.3x
Wed, 10 Jul 2024	€744.9b	€564.8b	€53.6b	17.5x	13.9x	1.3x
Fri, 07 Jun 2024	€779.8b	€563.9b	€53.3b	17.6x	14.6x	1.4x
Sun, 05 May 2024	€737.7b	€564.1b	€53.2b	16.2x	13.9x	1.3x
Tue, 02 Apr 2024	€736.1b	€559.9b	€50.6b	16.4x	14.6x	1.3x
Thu, 29 Feb 2024	€678.4b	€558.1b	€51.7b	15.2x	13.1x	1.2x
Sat, 27 Jan 2024	€677.2b	€557.6b	€53.9b	15x	12.6x	1.2x
Mon, 25 Dec 2023	€690.1b	€557.5b	€54.0b	15.3x	12.8x	1.2x
Wed, 22 Nov 2023	€670.8b	€560.2b	€53.5b	15.1x	12.5x	1.2x
Fri, 20 Oct 2023	€631.0b	€570.6b	€51.4b	14.5x	12.3x	1.1x
Sun, 17 Sep 2023	€657.9b	€569.4b	€51.2b	14.9x	12.9x	1.2x
Tue, 15 Aug 2023	€644.5b	€569.3b	€51.2b	15.4x	12.6x	1.1x
Thu, 13 Jul 2023	€651.7b	€577.5b	€50.9b	17.2x	12.8x	1.1x
Sat, 10 Jun 2023	€643.8b	€577.0b	€51.0b	17.3x	12.6x	1.1x

Current Market PE

Investors are optimistic on the Spanish market, and appear confident in strong long term growth rates.

The market is trading at a PE ratio of 17.6x which is higher than its 3-year average PE of 14.3x.

Past Earnings Growth

The earnings for Spanish listed companies have grown 8.2% per year over the last three years, while revenues have remained steady.
This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Spanish Market?


ES Market	-0.48%
Consumer Discretionary	2.62%
Consumer Staples	1.76%
Energy	1.14%
Real Estate	0.73%
Materials	0.25%
Tech	0.048%
Financials	-0.41%
Telecom	-1.55%
Industrials	-1.94%
Utilities	-2.36%
Healthcare	-4.49%

Sector PE

Investors favour the Industrials sector the most for future growth, which is trading close to its 3-year average PE ratio of 25.5x.

Analysts are expecting annual earnings growth of 9.4%, which is lower than the prior year's growth of 16.6% per year.

Forecasted Growth

Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 72% over the next 5 years.
This is better than its past earnings decline of 17% per year.

In contrast, the Energy sector is expected to see its earnings grow by 4.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation	Sector
ITX Industria de Diseño Textil	€52.68	2.6% +€4.2b	11.6%	PE26.4x	Consumer Discretionary
AMS Amadeus IT Group	€54.46	3.9% +€870.1m	-26.0%	PE17.2x	Consumer Discretionary
SAN Banco Santander	€10.74	0.6% +€864.1m	53.4%	PB1.5x	Financials
CABK CaixaBank	€11.69	1.0% +€801.6m	55.6%	PB2.2x	Financials
REP Repsol	€22.70	1.7% +€408.9m	87.0%	PE10.5x	Energy

Company

Last Price

Valuation

Sector

ITX Industria de Diseño Textil

€52.68

2.6%
+€4.2b

11.6%

PE26.4x

Consumer Discretionary

AMS Amadeus IT Group

€54.46

3.9%
+€870.1m

-26.0%

PE17.2x

Consumer Discretionary

SAN Banco Santander

€10.74

0.6%
+€864.1m

53.4%

PB1.5x

Financials

CABK CaixaBank

€11.69

1.0%
+€801.6m

55.6%

PB2.2x

Financials

REP Repsol

€22.70

1.7%
+€408.9m

87.0%

PE10.5x

Energy

Estée Lauder and Puig End Merger Talks Aimed At Creating Beauty Powerhouse

US cosmetics giant Estée Lauder has ended merger talks with Spanish rival Puig over a deal that would have created a fashion and beauty powerhouse worth nearly $40 billion (EUR 34.4 billion). Estée Lauder said 22 May 2026, that the parties have terminated discussions regarding a potential business combination. Puig also confirmed the talks had ended. The merger would have brought together Estée Lauder s vast portfolio of high-end brands, including Clinique and Tom Ford Beauty, with Puig s Charlotte Tilbury and Jean Paul Gaultier under one roof, amid a shake-out in the wider beauty sector. Both companies are controlled by families. Puig traces its origins back more than a century, and Estée Lauder was founded in 1946. The deal would have brought together the billionaire Puig and Lauder families, who remain the largest shareholders in the brands they founded. We are grateful for the conversations we have had with Puig, said Estée Lauder s chief executive, Stéphane de La Faverie. Today, we are reiterating our confidence in the power of our incredible brands, our talented teams and our strength as a stand-alone company. Estée Lauder s shares jumped by 11.5% in post-market trading yesterday, as investors welcomed the end of the talks. When the FT first reported on the discussions with Puig in March, shares fell roughly 20%. Talks dragged because of questions over the balance of power between the two families and issues such as the allocation of board seats, according to a person familiar with the matter. Estée Lauder and Puig did not previously disclose the terms of the potential transaction.

Spanish (IBEX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Land of the rising yields 📈

Latest News

First quarter dividend of €0.35 announced

ANA: Higher Expectations And Limited Catalysts Will Restrain Future Share Performance

EDR: AI Execution And Lower Market Expectations Will Shape Future Repricing

Investor sentiment deteriorates as stock falls 17%

AMS: Solid Q4 Execution And New Partnership Will Support Re Rating Potential

Banco Santander Launches US$850 Million AT1 Buyback and Explores Longer Bond Terms

Naturgy Energy Group, S.A. has filed a Follow-on Equity Offering.

Repsol Sees Alaska Pikka Oil Project Start Production With Plans to Ramp Output

Estée Lauder and Puig End Merger Talks Aimed At Creating Beauty Powerhouse

We Think That There Are Issues Underlying ACS Actividades de Construcción y Servicios' (BME:ACS) Earnings

Inditex Pursues Growth With Multi-Brand Expansion and AI-Powered Shopping Experiences

ELE: Future Returns Will Hinge On Leadership Execution And Mixed Market Confidence

CABK: Asset Quality And Capital Strength Will Support Steady Profitability Expectations

High number of new directors

First quarter 2026 earnings released: EPS: €0.12 (vs €0.15 in 1Q 2025)

Ferrovial Sees Q1 Revenue Growth With North American Toll Roads and JFK Milestone